Payday lenders’ short-term loans not BNPL arrangements, judge says in ASIC win
Financial Services 2024-05-24 3:58 pm | Melbourne
The Australian Securities and Investments Commission has prevailed in its case against payday lenders Cigno and BSF Solutions alleging they provided credit without a licence, with a judge rejecting their argument that their loan model was analogous to buy now, pay later arrangements that don’t require a credit licence.